CITY OF CAPE TOWN METROPOLITAN MUNICIPALITY - Notice of availability of annual financial statements

Notice of availability of annual financial statements

THE CITY OF CAPE TOWN METROPOLITAN MUNICIPALITY
(A Municipality in terms of Section 155 of the Constitution of the Republic of South Africa,
duly established by notice in the Provincial Notice 479/2000 dated 22nd September 2000, of
the Western Cape, pursuant to Section 12(1) and Section 14(2) of the Local Government:
Municipal Structures Act, 1998 (Act 117 of 1998) as amended)
JSE alpha code: BICITY
(“CCT” or the “Municipality”)

NOTICE OF AVAILABILITY OF ANNUAL FINANCIAL STATEMENTS

CCT hereby notifies its debt investors that it has publicly released its 2019 Annual Report for
the year ended 30 June 2019 (“Annual Report”) and that the unmodified audit report
relating to the consolidated annual financial statements is unqualified.

The Annual Report contains prior year restatements as a result of:

    1. Correction of error
           a. Rental billing in contravention with the Allocation Policy: Housing
              Opportunity has been corrected.
           b. A shortcoming in the GRAP traffic management report has been identified,
              where fine statuses in the traffic contravention system were not correctly
              reflected as withdrawn and, therefore, erroneously remained in the
              receivables balance. This has had an impact on prior-year figures, where
              fines were still reflected as outstanding on the traffic management report,
              although they should have been recorded as withdrawn.

    2. Reclassification
           a. The entity performed a revision on the classification of expenditure
              accounts in terms of GRAP 1. This resulted in the reclassification of certain
              line items.
           b. It was identified that non–exchange receivables and other receivables
              arising out of the operation of law were incorrectly classified as financial
              instruments in note 1. These receivables and other receivables were
              reclassified as non-financial assets arising out of the operation of law.
           c. It was identified that a payment made in advance was incorrectly classified
              as current instead of non-current. Subsequently it was reclassified from
              other receivable to long-term receivable: payments made in advance.

Full details of the restatement are set out in note 39 of the Annual Report.

The    Annual    Report    is    available   on    the    Municipality’s   website   at
http://www.capetown.gov.za/Local%20and%20communities/meet-the-city/City-
reports/Annual-reports and for inspection at the registered office of CCT at 12 Hertzog
Boulevard, Cape Town, 8001, upon request.

Cape Town
31 January 2020

Debt Sponsor
Nedbank Corporate and Investment Banking

Date: 31-01-2020 09:12:00
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